Lamfalussy process

The new provisions will be adopted under the Lamfalussy process, with the Level 1 Framework Directive setting out the key principles of the new system. Following adoption of the Solvency II Directive, detailed implementing measures will be introduced at Level 2. However, implementing measures will only be introduced in relation to the new Solvency II Articles. The Committee of European Insurance and Occupational Pensions Supervisors (CEIOPS http://www.ceiops.eu/ ), a Level 3 Lamfalussy committee, will give advice to the Commission on the implementing measures.